LG Display: 50% Growth, 12M LCD Panels in 2024

Market intelligence provider Omdia forecasts that LG Display is poised to dispatch between 12 to 13 million liquid crystal display (LCD) television panels in the upcoming year. Approximately 9 million units are anticipated to be procured by major industry players, Samsung Electronics and LG Electronics, with Samsung Electronics' anticipated sales surpassing that of LG Electronics.

The expected shipment volume of LCD television panels by LG Display in the next year is projected to be 1.5 times greater than the current year's 8 million units. Presently, LG Display exclusively manufactures LCD television panels at its Guangzhou facility in China. Both Samsung Electronics and LG Electronics have formally requested LG Display to upscale its production of LCD television panels as a strategic move to mitigate dependency on Chinese panel manufacturers.

Industry reports reveal that Chinese panel manufacturers command an estimated 85% market share in the LCD television panel market for LG Electronics and 55% for Samsung Electronics this year. Jeong Yun-seong observed a significant uptick in the presence of Chinese panel companies in the LCD television panel market of South Korean TV enterprises. While South Korean TV companies may contemplate a proportional increase in the involvement of Japanese panel companies, the production capacity of these regional panel entities remains constrained.

Omdia's projections indicate that LG Display and Samsung Display are set to ship 7.2 million organic light-emitting diode (OLED) television panels next year. This marks an increment of 1.5 million units compared to the current year's 5.7 million units, constituting 60% of the combined OLED television panel capacity of these two companies, which stands at 12 million units.

Furthermore, LG Display's shipment of large-sized W-OLED television panels is anticipated to rise from 4.7 million units this year to 5.7 million units next year. Simultaneously, Samsung Display's shipment of large-sized quantum dot (QD)-OLED television panels is expected to grow from 1 million units this year to 1.5 million units next year.